Banco BTG Pactual S A : 1Q24 Results Presentation

Conference Call Presentation

1st Quarter 2024

For additional information, please read carefully the notice at the end of this presentation

Earnings Release: 1Q 2024

CONFERENCE CALL

(with simultaneous translation)

• May 13, 2024 (Monday)
• 11am (Brasília) /10am (New York)
• https://customers.eventials.com/btg-1q24-1t24/formulario

Webcast: The conference call audio will be broadcast live via a webcast system available on our website www.btgpactual.com/ir

Participants are requested to connect 15 minutes prior to the time set for the conference calls

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1Q 2024 Highlights

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Record revenues and net income, resulting in a 22.8% ROAE

Strong NNM of R$63.8bn reflects continuous AuM/WuM expansion despite challenging macro scenario

Outstanding performance in IBD driven by record M&A revenues and strong DCM volumes

Credit Portfolio grew 5.9% q-o-q and 26.7% y-o-y, as we continue to gain market share while expanding our product offering

Successful issuance of a Senior Unsecured Note on April 8th, in the total amount of US$500mn at a fixed coupon rate of 6.45% p/a

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1Q 2024 Highlights

Total Revenues		Adjusted Net Income		Adj. ROAE
(R$)		(R$)
5.9bn	2.9bn	22.8%
22.7% y-o-y growth	27.7% y-o-y growth		1Q 2024

4Q 23	5.7bn		4Q 23	2.8bn		4Q 23	23.4%
1Q 23	4.8bn		1Q 23	2.3bn		1Q 23	20.9%
LTM 1Q24	22.6bn		LTM 1Q24	11.0bn		LTM 1Q24	23.0%

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1Q 2024 Highlights

Net New Money		WuM		AuM/AuA
(R$)		(R$)		(R$)
64bn	33%	23%
1Q 2024	y-o-y growth		y-o-y growth

4Q 23	41bn		1Q 24	756bn		1Q 24	880bn
1Q 23	43bn		4Q 23	713bn		4Q 23	856bn
LTM 1Q24	225bn		1Q 23	568bn		1Q 23	717bn

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1Q 2024 Highlights

Unsecured Funding

Credit Portfolio

Basel Ratio

(R$)

(R$)

(R$)

26%

27%

16.4%

y-o-y growth

y-o-y growth

1Q 2024

Total

SME

Total Net Equity

1Q 24

225bn

1Q 24

182bn

22bn

1Q 24

52bn

4Q 23

204bn

4Q 23

172bn

21bn

4Q 23

49bn

1Q 23

178bn

1Q 23

143bn

15bn

1Q 23

44bn

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Performance Summary

1Q24

22.8% ROAE with another quarter of record revenue and net income

Total revenues of R$5,891mn and adj. net	Adj. cost-to-income remained below	Total assets of R$567.7bn, with BIS ratio at
income of R$2,889mn	historical average	16.4% and shareholders' equity reaching
			R$52bn
• Adj. ROAE(1,2): 22.8%	•	Adj. cost-to-income ratio(3): 37.5%	• Average VaR ended the quarter at 0.36%
• Adj. net income per unit(2): R$0.76	•	Compensation ratio: 21.2%	of average adj. shareholders' equity
• Acc. net income: R$2,774mn

Total Revenues	Adjusted Net Income	Shareholders' Equity and ROAE(1,2)
(R$ million)	(R$ million)	(R$ million)

	5,653	5,891
4,803
1Q 2023	4Q 2023	1Q 2024

2,847 2,889

2,263

	0.59	0.75	0.76

1Q 2023

4Q 2023

1Q 2024

20.9%23.4%22.8%

	44,208	49,382		51,962
	0.29%		0.31%		0.36%
	1Q 2023		4Q 2023	1Q 2024

Adj. Net Income/Unit

Notes:

1. Balance sheet data as of the end of the period
2. Annualized adjusted ROAE and net income per unit uses adjusted net income as the basis for the calculations
3. Adjusted cost-to-income excludes only goodwill amortization

Adj. net income

			Avg. Daily VaR / Avg S.E. (%)	% Annualized Adj. ROAE(1)
			Shareholder's Equity
				7

Revenue breakdown by business unit

LTM 1Q24 x LTM 1Q23	LTM 1Q23
Total Revenues LTM 1Q24 = R$22.6 billion	LTM 1Q24

				+15%
		+73%
					6,358
			5,389	5,507				+23%						+18%
+15%	3,111				+18%		3,260							3,367
													2,849
							2,657
									+107%
1,755	2,014					1,684	1,981
										135	280
			24%	31%	28%
		18%											16%
						15%	14%						15%
10%	9%				10%	9%
							1%		1%
				Sales & Trading(1)
Investment	Corporate Lending	Asset	Wealth	Participations	Interest & Other
Banking	and Business			Management	Management and
		Banking					Personal Banking

Note:
(1) Includes Principal Investments	8

Section 1

BTG Pactual Business Units

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Investment Banking

Outstanding performance in IBD driven by record M&A revenues and strong DCM volumes

Highlights of 1Q 2024

Strong revenues of R$654.0mn, 41.0% above the previous quarter

Revenues	Market Position Highlights1
(R$ million)	1Q 2024
	654
	M&A

M&A had its best quarter ever, maintaining our leading position in the industry rankings

Strong contribution from DCM as market volumes continue to gain momentum

590

464

#1 in number of transactions in Brazil and LatAm

ECM

#2 in number of transactions in Brazil

306

260

1Q 2023

2Q 2023

3Q 2023

4Q 2023

1Q 2024

Note:	10
(1) Source: Dealogic and Anbima